The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-07-28
PENNIES SAVED and MADE.
GREAT BOON FOR THE LABOR.
ING AND MIDDLE CLASSES.
Savings Banks In This City and
Their Effect In Reducing the
Ranks Of Poverty.


sion Of every city come, among other
necessary and valuable establishments,
savings banks. They occupy dis
iinctive position In the world OF
finances, Offering to the daily laborer,
as we'll as more fortunate persons, a
medium through which the iounda.
tions OF future fortunes may be laid.
an important difference between them
and the regular national aud private
banks on large scale is the allo vance
Of q regular interest rate on deposits,
no matter how email the amount.
This may be either drawn by the de-
position upon maturity o. added to the
principal, lhus gstherir g in compound
interest. Wherever these great friends
OF the poorer classes ara owned and
operated by solid, reliable business
mer, the benefits are beyond estimate.
From q condition Of hand to Mouth or
abject poverty the bent ficiaries, II
thrifty and economical, may within q
few years acquire rainy day account
which will elevate and maintain their
families to q plane OF comparative
ease and luxury. Thousands have
found II 80 and offered up prayers oil
gratitude for the philanthropic genius
who first conceived the idea Of saw.
ings banks.
There are no authentic details re-
garding the founding Of the first saw.
inRs bank beyond the mere fact that
| Il was founded In Hamburg In l77s.
Berne, in Switzerland, followed In
1887, and In tina, country, ct Zurich, ID
the Oldest existing savings bank In
Europe, which. Was founded in 1906
Though Francis Maseres, in III,
started the ball In England relative 70
savings banks, 1t was Jeremy Bentham
who gave II the kies which landed Il
on succassi..,, basis.
Te.s FIRST savings bank In Ireland
was established at Stillorgan, county
Dublin, IN March, 1915. In 1907 the
Rev. John Muckersy established in
Scotland the "West Calder Friendly
Bank for the Savings OF the poor
BY the end OF 1916 there were seven.
ty-four savings banks In England and
Wales and four In Ireland. Similar
svttems have been successfully intro.
duced into Australia and Canada.
The earliest savings bank establish.
cd In France was Ia Paris, July 20
1878. There was one in Bordeaux 10
1919, and one In Marseilles In 1921
In the various States OF the German
Empire savings banks exist, one
having been founded In Berlin al
early a. 1918, In Austria the deposits
Of these institutions amount 10 $40,
i75. 824. Throughout Enope TIE dc
posits In faylngs banks are estimated
at 81, lS0. O00. 900.
In this country the first saving
bank was the philadelphia Saving
Fund Society,"" suggested by Oondy
Raguet and organized In 1915. Ii still
exists In a a,urishing condition, ant
ten wears ago held deposits amountin,
to Sl0,276,752 SO. The second wal
established In Boston In the sans
year; the third In New York city IL
1919.
The statistics OF American banks, a
near as can be gathered, show tina
Maine has o0,398 depositon and 500,
$50, 49s deposits; New Hampshire, 92.
Sol and $50, ,5s5; Vermont, $50
and 5,75l, 002; Massachusetts,, 702, 09'
and s2l7 ,452, 100: Rhode Islands, 90,
1874 and $40 .8s7, 1874; Connecticut, 2O6,
5l0 and s72, 202, 62i; New York, tb,
deposltors are over 1000, 900, and tn,
deposits about f807, SIC, $40; New Jer
sey about $4,000, 900, and Californis
9l,933 depo,itors and aoout sl4i, 1888,
FOG deposits.
In Memphis there are three instilu
tons Of this character, the Man
haitian, Mechanics and Security
All have received liberal patronage
and show correspondingly healthy
condition. The recent dividend de
claring period showed concluslvel,
that q widespread determination I,
save O portion Of their earnings exil
ted among those for whom the bank
we're designed, and also that the man
sgement was conservative aud safe
Summed mp In a word, the condition
OF the labohng and middle clasee
from a fnancial standpoint Is undoubl
edly very encouraging, taking the cav
irgs institutions OF the city q
the basis for such n statement
When II Ia considered that thos
named above are newly organized, th
youngest being lees than year ole
this exhibit Ia peculiarly grAtiiyin
and ijTiells what may reasonably b
expected In the iuture-an almost on
tire absence Of sbject poverty, saw
among those who desire no olhsr con
dltion. As AMI evidence OF the FRI
grasp this Glars OF enterprises ha
upon the popular mind and conadenc
throughout the country, and illustrl
tive Of ths lesson intended 10 b
taught, the following Ia taken from
recent issue OF the New YorkiHerald
The panorama OF life 10 be witnesee
daily during the paying OF interest I
the Emigrant Industrial Savings Ban
Ia m striking IN II 10 interesting. ID
crepit men and women, with the
pennies or dollars OF interest awaitir
them, take their stand, and, defyir
heat, hunger or failure, discuss Il
weather, the evlctions In Ireland |
the duplicity Of politicians, gradual
, move alorg In line 10 where the
money awaits them. Handsome cir
In summer attire and ccqueitlsh smil,
. break tho monotony Of the dull wor
, The number Of depoaltors at the En-
!, erant's Bank IL 10000, an increase
1871 over that OF last year. The ear
, iugs Of the bank ending June 80, fro
!, interest on bond and mortgage, stock
) daily bank balances, ioreclosed pro
critics and revenue OF banking hour
we're $50. S32 20. Only one.hRll
the deposiiors draw interest, viii
the other half leave their earnings
capitalize. The preponderance OF "
0 men, especially OF the servant ord,
= WAS quite noticeable. There Is no ella
Of poor people In this city - vel ,
y "a the servant girls. This may Gee
z paradoxlcsl, but when the fact
J. aiken into consideration that all d
4 wants Of these people are supplied al
}. their earnings capitalized the profile
J. Ia easily solved. No other class OF pc
ple can do tho snme thing, and II
fair 10 cay that ninety-nine out
4 every 100 oil these servant girls
this.